Class C - With Sales Charge (POP) (%)
Month End
As of 11/30/2025
Alternatives
WAUCX Western Asset Total Return Unconstrained Fund
Popular Documents
Overview
Fund Facts
Fund description
Seeks to maximize total return via a flexible fixed income strategy that is not managed to a benchmark and has broad latitude to manage duration exposure. Uses the global breadth of Western Asset's investment platform, fundamental value-oriented investment philosophy and a process that combines top down macro economic views with bottom up fundamental research. Total return investors seeking to supplement or replace traditional fixed income strategies may find this fund appropriate.
- Benchmark
3 - ICE BofA 3-Month U.S. Treasury Bill
- Additional Benchmark
- Bloomberg U.S. Aggregate Index
- Additional Benchmark
- ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity
- Dividend Frequency, if any
- Daily
- Fund Inception Date
- 07/06/2006
- Distribution Rate at NAV
4 As of 12/09/2025 (Updated Daily) - 2.87%
- Effective Duration
As of 11/30/2025 (Updated Monthly) - 3.13 Years
Identifiers
- Ticker
- WAUCX
- Fund Number
- 7808
- CUSIP Code
- 957663222
Average Annual Total Returns As of 11/30/2025
Class C
- 3.98%1 Year
- 4.59%3 Years
- -0.83%5 Years
- 1.28%10 Years
- 1.30%Since Inception
04/30/2012
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 11/30/2025 % of Total (Updated Monthly)
Agency Mortgage-Backed Securities29.77% | |
Treasury25.19% | |
EM Local Currency9.08% | |
Commercial Mortgage Backed Securities8.43% | |
Collateralized Loan Obligation8.32% |
Additional Fund Info
- Share Class Inception Date
- 04/30/2012
- Investment Style
- Hedge Strategies
- Lipper Classification
- Absolute Return Bond Funds
- Morningstar Category
11 - Nontraditional Bond
Manager and Commentary
About the Team
Western Asset
Western Asset Management is one of the world's leading global fixed income managers. Founded in 1971, the firm is known for team management and proprietary research, supported by robust risk management and a long-term fundamental value approach.
Commentary Highlights
September 30, 2025- Markets: During the third quarter, volatility in both equity and Treasury markets remained relatively subdued. Risk assets performed well, with the S&P 500 Index reaching new highs and credit spreads tightening. US job growth weakened in August, with nonfarm payrolls rising by 22,000 jobs—lower than July’s upwardly revised figure of 79,000 (from 73,000). The Federal Open Market Committee (FOMC) lowered its policy rate by 25 bps at its September meeting, setting the target range for the federal funds rate at 4.00% to 4.25%.
- Contributors: The portfolio’s exposure to investment grade corporate bonds contributed to performance.
- Detractors: The portfolio’s exposure to non-U.S. developed market (DM) positions was a headwind for returns.
- Outlook: U.S. financial conditions are largely supportive, which, alongside fiscal loosening and solid household balance sheets, points toward a positive foundation for growth. Headwinds remain, including doubts over the state of the U.S. labor market, core inflation lingering close to 3% and the potential lagged impact of tariffs. This backdrop should keep the Federal Reserve on a rate-cutting path, albeit with a cautious view of the inflation outlook.
Latest Insights
November 19, 2025
October 30, 2025
October 30, 2025
October 7, 2025
Performance
Average Annual Total Returns
As of 11/30/2025
Selected Month November 2025
Class C - Without Sales Charge (NAV) (%)
Month End
As of 11/30/2025
ICE BofA 3-Month U.S. Treasury Bill (%) 3
Month End
As of 11/30/2025
Bloomberg U.S. Aggregate Index (%)
Month End
As of 11/30/2025
ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity (%)
Month End
As of 11/30/2025
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Effective August 2, 2021, Class C shares generally convert to Class A shares after the shares have been held for 8 years. Class C share performance shown has not been adjusted to reflect the conversion. Customers of certain Service Agents may be subject to different terms or conditions as set by their Service Agent, including non-conversion. Please refer to the Prospectus for more information or contact your Service Agent directly.
Ratings 11
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of11/30/2025 (Updated Monthly)
- Total Net Assets
- $62.80 Million
Positions
As of 11/30/2025 (Updated Monthly)
Number of Holdings
- Fund
- 232
- Benchmark
- 13,974
Portfolio Statistics
As of 11/30/2025 (Updated Monthly)
Effective Duration
- Fund
- 3.13 Years
- Benchmark
- —
- Fund
- 4.35 Years
- Benchmark
- 8.20 Years
- Fund
- 5.09%
- Benchmark
- —
Sector Allocation
As of 11/30/2025 % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Agency Mortgage-Backed Securities | 29.77% |
Treasury | 25.19% |
EM Local Currency | 9.08% |
Commercial Mortgage Backed Securities | 8.43% |
Collateralized Loan Obligation | 8.32% |
Investment-Grade Credit | 7.54% |
Asset-Backed Securities | 4.77% |
Non-Agency Mortgage Backed Securities | 4.77% |
High-Yield Credit | 4.08% |
Emerging Markets Corporate | 3.87% |
Emerging Markets Government | 1.28% |
Inflation-Linked | 0.67% |
Bank Loans | 0.20% |
Cash & Cash Equivalents | -7.96% |
Holdings
As of 11/30/2025 (Updated Monthly)
FNMA 3% TBA MBS 30yr Mat 01/01/2056
WA Premier Institutional Gover
US TREASURY BOND 3.7500% Mat 11/15/2043
BRAZIL NOTAS DO TESOURO NACION 10.0000% Mat 01/01/2027
US TREASURY NOTE 3.7500% Mat 12/31/2028
US TREASURY N/B 02/41 4.75 4.7500%
US TREASURY N/B 01/31 4 4.0000%
FNMA 4.5% TBA MBS 30YR Mat 01/01/2056
US TREASURY N/B 09/31 3.625 3.6250%
INDIA GOVERNMENT BOND 5.7900% Mat 05/11/2030
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- DailyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 2.86%
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/18/2025
09/29/2025
06/27/2025
03/28/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Western Asset Total Return Unconstrained Fund | |||
| Product Commentary - Western Asset Total Return Unconstrained Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Western Asset Total Return Unconstrained Fund - Class C | |||
| Annual Financial Statements and Other Information - Western Asset Total Return Unconstrained Fund | |||
| Semi-Annual Report - Western Asset Total Return Unconstrained Fund - Class C | |||
| Semi-Annual Financial Statements and Other Information - Western Asset Total Return Unconstrained Fund | |||
| Prospectus - Western Asset Total Return Unconstrained Fund | |||
| Summary Prospectus - Western Asset Total Return Unconstrained Fund | |||
| Statement of Additional Information - Legg Mason Partners Income Trust Book 8 | |||
| Fiscal Q1 Holdings - Western Asset Total Return Unconstrained Fund | |||
| Fiscal Q3 Holdings - Western Asset Total Return Unconstrained Fund |
Risks
All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Leverage increases the volatility of investment returns and subjects investments to magnified losses and a decline in value. These and other risks are discussed in the fund’s prospectus.
Important Information
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
The Bloomberg U.S. Aggregate Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
Source: Bloomberg Indices.
The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that comprises a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month.
Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.
The ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index tracks the performance of a synthetic asset paying Libor to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.
Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.
The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that comprises a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month.
Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.